Management Selection Team

“The month of February saw the portfolio underperform its benchmark once again, although to a very limited extent: it lost 20 bps versus its reference index. The biggest detractor in the month was Natixis International Funds – Harris Associates Global Value: it suffered from the poor performance of the technology sector, where it is overweight. The bond portion of our portfolio remains invested in pure government bond funds, as we maintain our conservative approach: the halving of the position at the end of January was positive in the month.”